A $30,000 car loan at 7% interest for 60 months (5 years) has a monthly payment of $594. Over the life of the loan, you will pay $5,642 in total interest, making the total cost $35,642.

Key Numbers

• •Monthly payment: $594
• •Total interest over 60 months: $5,642
• •Total cost of the loan: $35,642
• •A 72-month loan lowers the payment to $511 but adds $1,184 in interest